NEW YORK -- Over the past three months, Obama described the Bush-era program that he's now adopting as his own as "tax cuts for millionaires and billionaires" no fewer than 50 times, according to a review of his stump speeches, weekly addresses, and comments to campaign donors and members of the news media.

The rhetoric was deliberate: Obama was trying to cast Republicans as the party of the wealthy while his fellow Democrats represented the middle class.

He used that rhetoric at campaign events across the country, from Los Angeles and Las Vegas to Des Moines, Iowa, and Richmond, Virginia.

During at least three pre-election rallies, Obama, playing to crowds filled with die-hard supporters, railed against the tax cuts for the wealthy, eliciting rounds of boos from the audience, according to White House transcripts.

(Reuters) - The U.S. economy is headed for a new recession, said John Taylor, chairman and chief investment officer of FX Concepts, which should likely benefit the dollar and weigh on commodity prices.

"It's a new recession. We're already growing, but the numbers show that the U.S. government is still the primary creator of this growth," Taylor said on Monday at the Reuters Investment Outlook Summit.

Taylor runs the world's largest currency hedge fund with assets under management of around $8.5 billion.

"I would argue that by the middle of next year, we will be in a recession and our fiscal hands will be tied," he said.

Obama has rolled over or compromised in their favor on almost every promise he made to get elected that involves special interests. When he slammed the tax cuts for the elite it was nothing but verbal camouflage. The rich were always going to keep their tax cuts and he knew it. .